Final Assessment Order Passed in the Name of an Amalgamated, Non-Existent Entity is Void Issue Whether DRP directions and a final assessment order passed under Section 143(3) read with Sections 144C(13) and 144B in the name of an erstwhile amalgamated company are valid, when the fact of amalgamation and subsequent name change had already been… Read More »
Trading results accepted without rejecting book accounts bars Section 68 additions for demonetization cash deposits. Issue Whether cash deposits made by a jeweler during the demonetization period can be treated as unexplained cash credits under Section 68 when the deposits originate from recorded sales that are fully supported by books of accounts, VAT returns, and… Read More »
No Unexplained Cash Addition Under Section 69A When Income Declared Under Presumptive Taxation : ITAT Summary : The ITAT Mumbai held that when an assessee declares income under the presumptive taxation scheme, Section 69A cannot be used to treat cash deposits as unexplained income, especially when there is no evidence of income from any other… Read More »